In recent years, magnetic recording media (hereinafter referred to as the magnetic tapes) have been required to possess high properties, and various improvements have been introduced . One of these properties is the loop squareness index or S/N ratio. As one means for enhancing the loop squareness index and S/N ratio of the magnetic tapes of the coating type, it has been considered to use a feromagnetic alloy powder having a reduced grain size and an increased specific surface area. In this case, it is required to disperse the ferromagnetic alloy powders uniformly in the binder and smooth the surface of the coated magnetic layer. However, difficulty is involved in a uniform dispersion of the ferromagnetic alloy powders in the binder, if the powders have a reduced grain size, resulting in deteriorations of the orientation properties of the ferromagnetic alloy powders, the surface smoothness of the magnetic layer, etc. This may prevent excellent loop squareness index and S/N from being. There is also a tendency to accelerate the wear of the reproducing head.